Friedberg stung for possibly $30-million by rising ruble

Article Abstract:

Friedberg Mercantile Group, based in Toronto, Canada, is likely to register loss of as much as C$30 million if Russian ruble continues to increase value. The sudden increase in the value of the ruble is believed to have been caused by Russian manipulation of the currency market. Friedberg, which manages a total of approximately $800 million of currency fund, is headed by renowned currency trader Albert Friedberg.

Comment:

Is likely to register loss of as much as C$30 mil if Russian ruble continues to increase value

Money Market Invest Funds, Mutual fund industry, Money market funds, Article, Friedberg Mercantile Group

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Fairfax shares plunge on disappointing results

Article Abstract:

Insurance company Fairfax Financial Holdings Ltd has reported a 30% decline in profit to C$40 million, or C$2.82 a share, in the 2nd qtr of FY99. However, the total revenue leaped by 142% to C$1.6 bilion. The company attributed the lower earnings to the increases in underwriting losses resulting from recent acquisitions and higher pricing competitionss. Fairfax shares plunged by 30% to C$114 on Aug 5, 1999.

Insurance, Insurance Carriers and Related Activities, Fairfax Financial Holdings Ltd.

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TeleClone likely to be wound up

Article Abstract:

Toronto, Ont.-based TeleClone Inc., which is led by president Ed Collins, said it may close down. TeleClone, which is a fund that was organized to provide a play on BCE Inc.'s undervalued assets not associated with Norterl Networks Corp., reported soaring share price.

Investment Funds & Trusts, HOLDING AND OTHER INVESTMENT OFFICES, Statistical Data Included, Financial services industry, Finance, Financial services, TeleClone Inc.

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